Question

The point where supply and demand meet and prices are set is called

Answer 1

The correct answer is;

The equilibrium point.

In general, for any good, it is at this point that quantity supplied equals quantity demanded at a set price.

Explanation:

Equilibrium is the state in which market equipment and demand balance each other and, as a result, prices become enduring. Generally, when there is excessively much supply for goods or assistance, the price moves down, which results in tremendous demand. The balancing influence of supply and demand appears in a state of equilibrium.

Answer 2

the equilibrium point. In general, for any good, it is at this point that quantity supplied equals quantity demanded at a set price.